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it hurts the economy and i think most economists that i respect believe that but throughout my career i v gone to the floor time after time on the appropriations bills and the farm bills that have the important earmarks, the terrible and egregious subsidies which i have opposed all along and i am sure grower has been well aware of that. >>neil: he has in conversations, he has said that but what concerns him is that republicans seem to be running around with the tail between their leg after the election and acquiescing on revenues and letting the democrats stream roll them and he says they will pay in two years. do you feel threatened? >>guest: will, republicans have to be for some things and we need to be for things and for spending cuts. we need to be for entitlement reform. that has to be done if we are ever going to be serious about this debt issue, i don't think we should disrespect grover norquist any more than i believe we should disrespect the heritage foundation or any others. i respect them. we just don't always agree. >>neil: what he is saying, senator, he says that there is muc
and extend the maturity of existing loans. mark carney prepares to take up the reigns of the uk economy any. unlikely to be any good news. third quarter gd figures expected to be revised down. and it's point, click, buy. americans were doing plenty of that yesterdays as early reports suggest online holiday sales soared on cyber monday. and all bets are off. prediction market entrade says it can no longer accept u.s. customers as market regulators say its trades aren't legal. shanghai composite closed below 2,000 for the first time in three years. it comes at a time when plenty have been talking up chinese growth prospects for next year. so we'll get into that more later. but 1991 is the closing level. this the main one to watch across asia. the nikkei did manage to continue it rally adding about 0.4% as the yen weakens on comments this morning. forex, the dollar-yen one to watch, 82.19 is the level there. the aussie dollar doing a little bit abouter despite that weak number on the shanghai composite. sterling is flat. we'll get into that more later. and euro-dollar just barely higher today,
strategic leadership that says that we need to get this engine and the economy pumping again. neil: do you think, and this is mentioned byitt romney a lot. you know that you are going to do things differently? dubai that? >> everybody talks about reducing taxes because they want more capital to grow their business. but it's also regulations. businesses are confronted at the township and city level. >> here in chicago, you need 161 licenses to open up the business. >> if you open up a job shop, you have to have a license to give them a bath. it's ridiculous. why can't we consolidate some of these things and reduce the bureaucracy? it isn't about the people collecting anything but a paycheck. neil: they must realize that the more they push this, the more it it endangers the economy and their very jobs are online. >> you would think so, when you? there is a lot of evidence that says those people inside the beltway are living in a bubble. washington dc is the only city in the ited states that has had taken continuous growthh >> what about when gas comes down? >> you have a gas situation where
to you saying, look, congress might not blow up the economy for no good reason. or if i do have to say it, i shouldn't sound excited about it. that should be a given. but in recent years, it has not been a given. and the reason it hasn't been is in some ways traceable to this guy. you know that guy. that is grover norquist. if you go by his name or his picture, he may not seem imposing. but in the republican party, he's a guy that breaks your knees if you vote for higher taxes. all republicans pretty much sign it and they are very, very, very loathed to break it. and that's made it impossible to reach a deficit reduction deal, until now. "the new york times" has an article in which republican after republican after republican goes on the record by name dismissing his pledge and his power. peter king says a pledge is good at the time you sign it. in 1941 i would have voted to declare war on japan. but each congress is a new congress and you can't have a rule that you're never going to raise or lower taxes. i don't want to rule anything out. senator of georgia said, i'm frankly not concerne
that are about to hit our already fragile economy. as talks continue, big defense cuts are still on the table. should republicans embrace the sequester or make a deal to avoid it? deal to avoid it? >> paul: i'm paul gigot. with his second term how secure, is the signature healthcare law a sure thing. from the obamacare a sure thing or vast expansion of medicaid, heavily dependent on state implementation and a growing number of the governors are saying they won't do the federal government's bidding. wisconsin's scott walker is one of them and joins me now, governor, great to have you with us. >> paul, good to be with you. >> paul: when you wrote to the hhs secretary kathleen sebelius, you wouldn't set up a state exchange you wouldn't have the flexibility to make it work. why don't you elaborate on what you mean by lack of flexibility. >> each of the governors who run it, a state run, partnership or referring to the federal government. any folks that have a state run exchange they need to realize in the end there is no flexibility in terms of final outcome, there is no substantive difference be
families should go up. it would be bad for the economy. it would be bad for those families. in fact, it would be bad for the world economy. and so i think it's very important that we get that resolved. and i am very open to a fair and balanced approach. >> the president met with middle class tax payers today, urging them to employ twitter hash tag my y2k, telling congress this is too important for them to screw it up. >> today i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. it's too important for washington to screw this up. >> and a new survey shows the president has the public on board in a new washington post poll, 60% support raising taxes on incomes over $250,000. a healthy majority. indeed, even some republicans appear to be under sway, by the force of reason. >> in my view, we all agree we're not going to raise taxes on people that make less than $250,000. we should just take them out of this discussion right now. continue to fight against any rate increases. try to continue to work h
to destroy the economy. no one in their right mind is going to allow that kind of increase to devastate the economy. lou: that's a good point. it's interesting that no one is talking about the fact that individual tax payment, 26% of the bush tax cuts over the past two years, the answer here is this. i just want to see everybody be happy. let me turn to benghazi. there is a palpable sense in washington dc right now. i don't believe the congress has the strength or the tools to actually penetrate the veil of denial and secrecy and opaqueness that is this administration and what it has done. now, when you think this is? >> the attorney general has to do this. lou: can you really see eric holder doing that? saying that we will investigate ourselves? >> if he doesn't do an independent investigation, you have the very people who have floated the idea of prosecuting general petraeus, there are all kinds of things they might do to him. there is all kinds of pressure that can be brought about. lou: are you saying that you don't think, i was speaking earlier with. rinsing, you don't think it's a
to how this economy is. and how much we have created the entitlement mentality that everyone feels they should that they should be on food stamps. when you look at the costs, within about two years, texas at the federal level are going to go just to pay for entitlement programs that have no money left over to pay for all of the other programs of the government. and i find it very suspicious and interesting as you do that here we ha been talking about this for the last couple of weeks and nobody is talking about reforming these things. >> here is the thing. my idea is let them out there. you have a coupe of years to do damage control. ultimately, if everyone gets their head in the sand in washington, we haven't even talked about the interest on debt the debt that we owe. between that and how do we have an economy? how we grow an economy? that we provide for the kids? >> that's a great point. when i talked about the exploding cost of entitlement, there is something that is the expensive single program. it is hard to reform these programs with the democrats and unions. the unioion to
in an obama economy. we have all the information you need to rake it in, even when they say it's not, it's always about money. ♪ >> starting off, oil and energy, hosting money from houston, i sat down for an exclusive one-and-one with the ceo and co-founder of ki in, -- kinder morgan. we focus on the future of the energy business and natural gas. this is what he said. >> we need to have a level playing field. we need to have, in the energy field, for example, we have just tremendous opportunities, particularly in the naral gas area. we got a game changer here. we got a fuel that's cheap, abunda, domestic, plentiful.g we ought to be doing everythingp we canlo to exploit that. melissa: fracking for natural gas?oded >> natural gas in general.e the shale place, which, of course, predicated to fracking, but the opportunities forrtun natural gas, you want to talk abt response to climate change and reducing co2 emissions, thio is the golden key to open the door more than mostenewables will ever be because you move needle withnatural gas, and a five to ten year feared, --deal period, you can s
brotherhood led egyptian government. it is strangling in an economy that is simply not working. the united states and europe have the trump cards in this. is that an incorrect statement in your judgment? >> yes, because the imf still has already been signed. he has that credit line out there. i think what's going on in egypt is that there is a struggle between -- lou: actually, this deal was reached today. they have not been funded. lou: but the deal is done. acquiescence to judgment and reason. and necessary component. >> as you correctly pointed out that europeans will not put pressure on egypt. he will get his money from the imf. the -- lou: wait a minute. let me interject. i truly believe that it is of fair statement to say, the united states will have its will with the imf and what it does in this instance. am i wrong? >> well, we will see in a couple of weeks. i think the real struggle here is between morrissey and his ideological instincts on the one hand and elements of the egyptian security structure, the military and the intelligence service on the other. despite his best efforts
proposed $1.6 trillion in new revenue? he wants to destroy the economy? come on. whon their right mind will allow that kind of increase to devastate the economy. it will not be hostess going out ofbusiness. >> lou: that is a good point and it is interesting, no one is talking about the fact that individual tax payments, taxpayer payments, internal revenue service, receipts from those taxpayers have risen 26% under the bush tax cuts, over the past two years which tells us that the awer here is growth. >> that's right. >> lou: i'm a simple fellow and i'd like to see everybody start talking to each other. let me turn to benghazi, because, the special prosecutor. there is a sense of hopelessness that is palpable in washington, d.c., right now. because, i don't believe the congress feels that it has the strength or the tools to actually penetrate the veil of denial and secrecy and opaqueness that is the administration, when it comes to what it has done. witness the last nine weeks. you are calling for a special prosecutor, and the fellow who has to do that work for the president of the unit
to then quickly craft a legislative deal that can stop the damage to the economy that would occur if we went off the cliff and stayed off the cliff. john boehner recognizes that the fiscal cliff is the president's leverage, but boehner believes he has leverage, too. politico reported this morning president barack obama made a demand of how john boehner near the end of their first white house meeting on the fiscal cliff, raised the debt limit before year's end. boehner responded, quote, there is a price for everything. boehner told president obama at the white house that the debt limit increase is quote my leverage. although he added that he's flexible on when it should be done. senator durbin said today that raising the debt ceiling must be part of any deal with republicans. >> i also think that the president isn't going to sign off on any agreement that doesn't include some certainty as to budgets, appropriations, dealing with our debt ceiling. we're not going to find ourselves with some big party celebrating in february and then turn around and march and have another doomsday scenario with the
and strengthening our economy by investing in jobs, not cuts. as for the effectiveness of this campaign one conservative says this type of pressure from unions is nothing new. >> the fact that they are publicly saying what they have been privately saying helps the american people understand where obama's in trend and comes from but nothing has changed. >> the issue is in the fiscal cliff discussion democrats appear willing to put entitlements and spending on the table. republicans sang they're willing to do tax revenue and that could be or would be the key to any agreement to avoid the fiscal cliff and get the country's books back in order. gerri: you will be covering this for a long time. thanks for that. this black friday wal-mart shoppers think protests, it is not a superstore workers on the picket line. jeff flock joins us with more. jeff: a few of them but the majority were not wal-mart workers but members of other unions like the teamsters, the uaw, it was built today as a demonstration against the notion of working on thursday on thanksgiving. the day before black friday. but the pro
tomorrow will be durable goods orders. this really gives you a clue as to what is happening in the economy. we are expecting those numbers to be down. melissa: a little bit of a rebound bit -- maybe if. melissa: here is what is "money" tonight. warren buffett's plans tax hike critics claiming that higher rates would not put a freeze on investing. is the oracle of omaha having of false prophecy? 220 men join us with the reaction. egyptian president makes a power grab that could make a feral blush. violent protests break out. will they bring mideast turmoil to new heights? one of the reasons top experts. getting a pink slip for not getting a flu shot. one employer fires all workers refusing to get the flu vaccine. is it legal? could more businesses follow suit? if even when they say it's not, it's always about "money." ♪ melissa: first, let's take a look at the day's market headlines. fiscal cliff years made a comeback and strong retail sales are not enough to offset the concern. the dow closed down 42 points. facebook shares some other best in four months. two formerly bearish analysts up
of the economy so if they get into trouble you have counterparty risk. if i owe you money and get in ouble it is your problem as well. it is closely intertwined. we saw this in 1998 with long-term capital management. no one had ever heard of it and this hedge fund got into trouble and it was deemed by wall street and the federal reserve to pose a systemic risk to the whole financial system so we never heard of it but had to bail out. rri: do we need more regulation? that is the first in a lot of people would say? >> first thing regulators want to do is regulate and they want a lot of complicated regulation. i don't think that is the answer but bringing this stuff out into the sunlight making these shadow banks show what sort of risks are opposed to the system would be a really good start so at least we have a sense of what is going on. gerri: for the regular american out there there's a whole world that is completely closed to them, has nothing to do with them but at the end of the day could make big trouble for regular investors. give us an example of how this could unwind. >> as we saw w
of december. what we are seeing is the japanese yen devaluing. one of the things we need for their economy is exports. they have been horrible. look at electronics companies right now, they are really struggling. we're looking at the fiscal cliff, the dollar holding into an 80, 81 range, and it will probably stay there until we start getting closer to the christmas holidays and when it comes to crunch time for the fiscal cliff, let's see how this shakes out. cheryl: i still can't believe the euro is as strong as it has against the dollar considering everything that is going on over there. while our economy seems to be strengthening, how do you explain that? >> there is a flight to safety. people leave europe is going to be able to pull this out. there is a lot of money brought in tinto all of this. you have japan pulling down, the yen is getting weaker and weaker. the flight to safety going to the euro dolla euro dollar and e u.s. dollar. let's wait and see how this plays out on monday, it ought to be very interesting. cheryl: it is never boring. let's go over to the nymex. tom, certainly
. we're entering a deflationary time and in the japanese economy which is evident to a lot of fundamentals we're seeing. and i think it will cause levels to drop further. >> they could actually just do old fashioned money printing. just put more bank notes and -- instead of buying government debt, they could do it the old fashioned way. >> that is definitely an option. i think they'll be trying every resource possible. i think there is just no demand for credit. you can flood the market, but who is there to demand it. >> so the yen strength is overdone. what does that mean for some of the other cost rates looking at euro-dollar now firmly in this range. is that in place for a while? >> i think we've seen a lot of range shading at the moment even in terms of the election, we see no reaction in euro-dollar. i do think we'll remain range trading right up up until the end of this quarter. the omt policy is really underpinned euro u.s. and created a floor under this currency. >> okay. good to see you. thanks for that. the financial services authority has hit ubs with a 27.9 mill
we can evaluate the markets and evaluate the economy? >> the markets are not going to allow that. the markets now understand very clearly the formation of capital is at risk here. we have a absolutely suffocating mountainous debt that is going to extinguish the private economy in this country. lori: bond market is letting it happen. the interest rates are staying low. >> you're quite right but it is also the most defensive position for money of that dimension to inhabit. when we see a change, then we'll see difference ares in direction and flow of that capital but until then, this is a president and a congress, republican and democrat, that are risking everything through their lack of courage, their lack of principle, and lack of vision and responsibility. these people are playing out like they want to come away from this with a whole chapter and profiles in courage devoted to them. it is not going to happen. this is a profile in cowardice. this is profile in the lack of intellectual integrity and a absolute refusal to be straightforward with the american people. i mean we've got
shortcut to a resurgent economy and the new greatness.idenc lou: coming up short losing the majority of the swingstates. joining me now the talk about some of the reasons behind that, the shifting demographics. a former assistant to presidento george w. bush, also with us opera the new york times best-seller the amateur on the obama administration this is as if the obama team did not -- it just knew exactly wat would unfold. that is how together they were >> i'll understand that. the cost per ad, the republicans have to pay, many times more than the democrats. they bought there rate and they bought them in a very inefficient way. the whole campaign was just shot through with inefficiency. lou: de think it will be as easy for the republicans to raise money next time? >> people talking about, is there a silver lining for the republican. no doubt there are a lot of attractive ptential candidates. you can go on and on. the question is, the base which controls the primary situation, will they go for any of these people, these populist conservatives overvalue conservatives. lou: let me pos
. we have history to show that. democrats say the opposite. >> and you stimulate your economy. if you raise rates anddon't cut expenditures, what you are doing is making the fiscal problem that much worse. raising rates is aonetime revenue grab. expenditures is a long-term reduction in. and the reality is, wehave to do a lot more of expenditure reduction than we do increases in revenue. tom: do you think that the democrats and specifically the president would go along with some sort of quid pro quo where for every dollar for every $5 of reduction in spending we will have some sort of formula that raises rates? >> i think that is doable. not raising rates. think raising revenue, meaning put some limits on deductions. but some women on exemptions. but some women on some of these special deals that people have or engage in. i concede that as an avenue through which you can gain more revenue. it comes out to the sam thing. taxes go up. tom: but it's a little easier to sell. >> the promise not to increase tax rates. but none of it, i think, works. unless the white house is serious about so
.s. treasury department is now stopping short of labeling the world's second biggest economy a currency manipulator. the white house is expected now to send the congress a multi-billion-dollar request on the recovery from superstorm sandy. the storm caused an estimated $71 billion in damages in new york and new jersey, and some congressional aides saying the request for funding would likely be at least $11 billion. the move comes as canada gets close to its decision on whether to approve the transaction. the energy companies say discussions with the committee are still in progress, and of course they had to file approval because they have extensive operations in the u.s. gulf of mexico. >>> "the wall street journal" reporting that virtue is emerging as the frontrunner to buy knight capital. they would possibly sell off parts of that business. finally, we can't get away from the story of twinkies. the bakers union of hostess brands wants a bankruptcy judge to appoint a chapter 11 trustee to ensure an orderly winddown. the union is saying it objects the allowing incumbent management to su
, they push forward with technology, and market and the economy. a lot of good public health things is being done, the east of the world could china, india, and down here in 60s they lift, they get healthy educated and small families. they start to grow their economy and see they are catching up today, when wieland 2010, -- these country that borrow mon to richest when they have debt problems 92 this. jim: this raises two amazing results from this think about. there has been thousands of years of human rif history evere was stuck in lower lift 4,00 4,- left for thousands of years, how come some are still stuck. >> this is afghanistan and congo, this is civil war, the best message today is most of the african countries are in fast economy growth, they have corrected the wrong market ideas, they had 20 years a, they have a much better education level of their people today and tanzania has today a situation similar to thailand, 1972. went 40 years we can see african countries doing what asia mas done. john: this is wonderful. >> still 2 billion fellow human buyings are -- beings are in deep pov
cliff it only impact certain americans with taxes increasing and it will affect our country and economy. and we need face-to-face meetings and i don't think that obamacare should be on the table. >> you do not think that obamacare should be on the table. >> no. >> i don't think that obamacare should be on the table. it's the number one priority for the lawmakers right now whether you're a democrat or a republican, this should be priority number one, it's when john boehner had the new freshman tea partiers come in in 2010 and facing the debt ceiling, he characterized the first adult moment for the new freshmen congressmen and i think this is the second adult moment. can we get beyond party politics and rigid ideology and come with a compromise that will benefit the american people? we need both to look seriously at spending cuts and revenue generation for the country right now. >> all right, so let's-- >> and let's put a couple of ideas on the table and angela, i'm surprised you would say obamacare should not be on the block, and what do you think should be on the block? what kind of-- i
economy. you don't want to kill economic growth and end up with less revenue. we are reaching out, providing the revenue, but doing it in a way that gets people back to work and generates revenue from growth. gerri: i have to tell you, what i hear are people who are continuing to pitch their own position and not move into the center and the thing that amazes me, and ensure it amzes the american people, there is not even another meeting scheduled yet. how is that possible? days from the deadline. gerri: we should be meeting every day, and we are putting revenue on the table. that is a big step. the administration has to engage with us. gerri: thank you for coming on. we appreciate. ho you will come bck as these negotiations continue. hopefully you can find some kind of resolution. >> thank you. gerri: meanwhe, the house is back in session after the thanksgiving break. the speaker was met with an unusual demonstration. naked protesters, no kidding, outside his office. by the time we get our camera crew their capital police said godunov. comments on the fiscal cliff talk rich edson h
. >> grow this economy and engage in tax reform. >> simplify the code. >> ywhen you get divorced, thats what happens. ♪ >> welcome back after the thanksgiving holiday and all eyes are on the fast approaching fiscal cliff with republicans possibly maybe looking to make a deal. with the deadline now just 36 days away, some top republicans suggest they could, shock, horror, break with their sacred pledge to grover norquist. >> i'm not obligated on the pledge i made tennesseans aware is just elected that the only thing i'm honoring is the oath that i take when i serve when i'm sworn in this january. >> there's a lot that has been said about this pledge, and i will tell you when i go to the constituents that have elected -- re-elected me, it is not about that pledge. it really is about trying to solve problems. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece, but i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> sounds great, doesn't it? only one problem, th
globally, but here in the united states we're getting answers from the national economy of society and nasa, the guys who put the man on the moon, that's where we're getting our information and where we're getting our policy guidance and the solutions to move forward. let's discuss it, the united states, if we have a carbon tax in the united states of some sort, we tax emissions so we have fewer emissions and you think that makes a really, rail big difference to the temperature of the planet? >> a huge difference because we've got to go after the industrial carbon pollution that's warming the planet and paying a heavy price. this pushed the price tag on the problem and we know where the pollution is, let's go get it. >> one last question, i'm sure you're familiar with the study by the britain's meteorologist office. no increase in the global temperature in a 16 year period. i think it was from mid 1990's until 2010, 2011. and that's what the british office said flat-out. what do you make of that? >> well, with great respect, i'm not familiar with the report. what i can say is here in this c
hit record levels over the weekend, on the surface maybe good for the economy and shows a good economy, what does dave ramsey think? he's the enemy of debt. but here you have millions of people going into debt, i don't think that dave will approve and he's going to join us next and of course, we'll bring you the opening bell. [ male announcer ] this is joe woods' first day of work. and his new boss told him twongs -- cook what you love, and save your money. joe doesn't know it yet, but he'll wk his way up from busser to waiter to chef before opening a restaurant specializing in fish and me from the great northwest. he'll start investing early, he'll find some good people to help guide him, nd he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from tdmeritrade. it's just common sense. you know it can be hard to lbreathe, and how that feels. copd includes chronicbronchitis. it's just common sense. youspiriva helps controlto lbremy copd symptomsat feels. by keeping my airways open for 24 hours. plus, it reduces copd flare-ups.
of these mom and pop shops could tell us a lot about the entire economy. we'll take look into the future. i have a cold... i took dayquil, but i still have a runny nose. [ male announcer ] dayquil doesn't treat that. huh? [ male announcer ] alka-seltzer plus rushes relief to all your worst cold symptoms, plus it relieves your runny nose. [ sighs ] thank you! [ male announcer ] you're welcome. that's the cold truth! can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. hurry in this saturday and sunday for great deals. likehe lucid by lg, free. or the galaxy nexus by samsung, free. this weekend, get the best deals on the best devices on the best network. exclusively at verizon. >> heather: today is small business saturday. even president obama taking parted, taking his daughters to an independent bookstore in arlington, virginia today. this is why, small businesses are so important to our nation's economy. take a look at these numbers.
changes that is going on in the distribution of the economy and china, conditions in russia. there are a number of problems anew environment. we have not developed a coherent approach because in the first term you learn your job. that is the challenge that the administration is facing. >> people look to the united states for leadership. they look to us because we have for so long been in a position where we've been able because of our resources and military strength, because of our values, we've been able to keep the peace. we have been able to make sure that enemies feared us and make sure allies could count on us. with we step back as we did during president obama's first term and i'm afraid we're going to do the next term ease back and you see when there a vacuum. people that don't share our interests diving into that vacuum. >> i traveled all over the middle east. every leader i talked to believe the united states is weak in leaving. they are having to accommodate to that eventuality. whether it be the saudis or you name the country they are accommodating to american wea
will have a negative affect on this economy and on employment. >>neil: an idea of how much is at stake and who pays for this, i am telling you at this rate, everyone will pay. every single american family will pay. >> this has implications for every american family, 90 percent of families in america will pay higher taxes, and a reduction in income of $3,500 per american family. we talking about an income loss of 6 percent after taxes, the largest income loss since the 1940's, huge implications and politicians are going to have to, for once, act in a bipartisan manner to try and fix this. >> the people are ready for someone to tell them the truth instead of this mush that they can get this done without touching precious medicare, precious medicaid, precious social security, and precious defense, those people are phony. >>neil: they are afraid. they will take their money off the table. they are afraid. >> business is not a good environment. there is no reason for any businessman to want to grow its business, advance its business, hire more people, create more problems. >> only 3 percent
to invest in the economy to grow it back up to where we got it now? i think there's some fundamentals here in place that the republicans just seem to push right aside and say you got to go to entitlements. if this country goes to entitlements and makes make changes t will be as if they won the election and democrats didn't. appreciate your time. >>> remember to answer tonight's question. share your thoughts on twitter. we want to know what you think. >>> coming up, the publicity tour to cut entitlements instead of their own welfare. e.j. dionne will join me. stay with us. a lot coming up. quicken loans p. quicken loans understood the details and guided me through every step of the process. i know wherever the military sends me, i can depend on quicken loans. >>> coming up, corporate ceos want the middle class to bare the burden for deficit reduction. i'll talk to e.j. dionne next. >>> fox news can't handle the truth when a journalist calls out the network for hyping the benghazi attack. he got cut off. >>> and democrats are beating republicans at their own game when it comes to super pacs.
. they are going to buy smart phones. i think the global economy's -- the emerging market economy will pick us all up if we do get picked up. david: they hope the fed picks them up more than they've already done so. there's worry signs there's no end to the printing. john williams in which he told the journal, quote, "in terms of how far you can go, i don't think we're anywhere near that kind of limit." it seems like they are going the whole distance. >> absolutely. look, this is not -- this has been coming on for a long time. you're a student of history, going back to the roman empire, germany, england, any major, you know, economic entity in the world. david: look how the runs ended. forgive me for interrupted, but look how they ended. super inflation is usually the way these things end. >> well, we hope eventually, right now, a dysfunctional government in europe, united states as well as in japan, and it's too tempting to print money to solve all of these things, and as long as the markets are willing to, you know, absorb the printing of the capital, things will continue to move forward. anythi
-they are not going to get rid of. they need a local economy expanding and growing and you can go to grand rapids, have you been to grand rapids? the economy is booming. they are encouraging it to do so. they have got the recipe for growth that detroit lost her long ago. [talking over each other] >> they have held back the growth of the city -- dave: there are some cities i could point to where the mayors are not on the up and up but -- a city that had a lot of corruption, why can't he get the message? liz: they only hold back thirty million to hang over the head. we are going to hold back $30 million, i don't think that is enough of a push to get going. dave: if you think black friday is the best day to get deals think again. if you want to save money you should wait it out. find out why after the break. it is your money. dave: stocks are higher. the dow jones industrials are up about 88 points. it is a shortened trading session. market's close at 1:00. an informal session. traders are bringing their kids to the floor and volume is expected to be light but there are stocks making big moves. will
cut for high-income earners on the economy. there is this supposition, in fact i would call it bedrock republican philosophy economically speaking if you cut rates for top earners it benefits gdp. i will point to everybody for consideration a chart by the david leanhart of the "new york times" that shows what happens when you cut the top income tax rates. it doesn't help gdp. in fact, it falls. explain to me why republicans keep insisting on this fact when it doesn't appear at least to be true? >> well, the basic idea is that if you get to keep more of the rewards for each hour you work you'll work more hours or a little harder or be more likely to start a business. that's not a crazy idea on its face. in fact, it's probably right. the real question, though, is, is it a bigger effect or small effect? so republicans claim time and again this is a huge effect. democrats often claims it's a small effect. in the language of economics this is an argument about elast tisty. like my colleagues here go out and try to measure this. it's a difficult concept to measure. but that's basically the i
to their constituencies that raising taxes on the 2% is not somehow indicting or challenging or messing with the economies of most of their base. i mean, we've got to disassociate the lobbyists and different wealthy interests that support and fund someone like grover norquist and which kind of the money and politics theme we always talk about here. we've got to -- the republicans have got to divorce that from their actual constituency. those folks in the red state who actually use a lot of federal support to exist and subsist. and the republicans have got to articulate that message to their constituents. otherwise, they're still going to have monied interests dominating the platform of their party. >> professor james peterson, david corn, thank you both. >>> next, john mccain continues his crusade for the truth about what happened on the sunday talk shows. stay with us on this snowy afternoon. >> so you were wrong about libya. >> i don't think i was wrong about libya at all. >> yes, i do. i know you were. >> no, i was not. >> i snknow you were. anncr: some politicians seem to think medicare and... social
-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. jon: fox news alert for you now. we are awaiting remarks from president obama. he is pushing his plan to try to avoid the year-end fiscal cliff. this speech comes ahead of a meeting between the president and business leaders later today discussing actions the white house says are aimed at growing the economy and finding a quote, balanced approach to reducing the nation's deficit. let's bring in our panel. mary katharine ham editor-at-large of hot air.com and fox news contributor. peter mirijanian former advisor to the clinton-gore and gore-lieberman campaigns. when the president arrives at the white house to speak, he will have people behind him, ordinary americans who reached out to the white house and want their $2,000 middle class tax cut preserved. republicans are saying this is essentially a campaign stunt, a campaign appearance kind of event of the he won the election. he should get on the business of governing. what do you say? >> well, one quick observation, jon. i think what you're seeing, what i think is i
. i am glad that the people that are in economy party on capitol hill have hearts as big as a montana sky because i'm sure they said, hey, it's cool. we all make mistakes. all of us on capitol hill, we all make mistakes from time to time and it's cool. so how did this work out after she said she was sorry? >> there's still another chance. ambassador susan rice is heading back to capitol hill today. >> i want to know what happened. >> well, i will tell you. she continued to defend her response on september 11th attack on the u.s. consulate in benghazi as a top pick to replace secretary of state hillary clinton. rice faces sort of an uphill battle because she failed to win over her harshest republican critics yesterday. >> i don't think it's an uphill battle. >> unless you want to be secretary of state for greenvil greenville, south carolina or mesa -- >> she requested this meeting was with specifically senators lindsey graham, kelly ayotte and -- >> they were upset. john mccain over the weekend. >> john mccain backed up. >> so it's really cool when she said i'm sorry. >> she did the br
economy a were needed boost? we'll talk with moody's chief economist, john lonski, next. want to try to crack it? yeah, that's the way to do it! now we need a little bit mo... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud tpartner with health care professionals who understand the difference that quality time with our members can make... that's a very nice cake! ohh! [ giggles ] [ male announcer ] humana thanks the physicians, nurses, hospitals, pharmacists and other health professionals who helped us achieve the highestverage star rating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result in the quality of care and service we're able to provide... which means better health outcomes... and more quality time to share with the ones who matter most. i love you, grandma! [ male announcer ] humana. ♪ [ male announcer ] humana. i have obligations. cute tobligations, but obligatio.ing. i need to re
per hour. it is logical to think that gives every worker more to spend. that is good for the economy. no surprise 2/3 support the $10 minimum wage. one sponsor is from minnesota, representative ellison. >> the employer will pay the least they can because they can get away with it. >> they are paid $0.3. >> only the zero law prevents those greedy employers how come most are paid more? asked merv crist who owns a restaurant called the prime cut. you y most workers above minimum wage? >> half of them. john: you don't have to. >> they have skills if i don't, they will be paid more. john: you have to because of competition and? >> absolutely. john: the free market? a lot of employees start at minimum wage and work up? >> absolutely. those that don't have the knowledge need it. the information's is the wealth. john: you create jobs. 28 employees. top earn $18 per hour. the average hourly peat wage is $16.57. the market sets it. what is wrong with the law for a bottom? >> it takes people who don't have experience and cuts them out. you do not want to the employee who does not want anything.
, that will impact the economy in a devastating way. that's why i don't think you see any republicans moving on that. jon: doug, what do you think about that? >> well the rates we're talking about raising they would go back to where they were under president clinton and during the '90s i think most people would agree we had a pretty strong economy. certainly stronger on that the one george bush and liz cheney's dad brought us. look at the end of the day, you know this is going, it will have to be balanced and to get to $4.4 trillion, that is the kind of target number that the president has put out there you can't just do it on spending cuts. i'm not sure if you can do it just on capping deductions. that is what these guys are paid big bucks for to figure out. sit at table, do the arithmetic, get a final deal. jon: we had 9/11 during the bush administration and that had huge impact on economy and wars after it. doug and ron, thank you both. we started a question about the discussion of grover norquist. he will be neil cavuto's guest on "your world" at four become eastern time. here what he has to say
of our economy and they are in a spending mood. the latest numbers show that 247 million went holiday shopping over the weekend and spent more than $59 billion. morsi 28 football fields. last cyber monday-- its busiest day of the year-- amazon processed 200 orders per second. amazon vice president craig berman says the company expects business this year will be even better. >> we've hired and are continuing to hire 50,000 seasonal workers to meet customer demand. >> reporter: that's in addition to amazon's 20,000 full time workers like packing manager mark pulley. >> we need to come up with a new word for busy. we've been on hyperdrive. >> reporter: across the country, online sales account for 10% of holiday purchases, says ellen davis with the national retail federation. >> the share of sales happening online is still fairly low. however, the internet influences now about 50% of what consumers buy. >> reporter: because shoppers look for sales and compare prices online before they buy. and that stretches over the whole holiday season. online sales jump more than 20% on black friday. a
economy in absolute chaos. egypt torn by rioting after morsi takes dictatorial powers. they really need our money now. watch out, everybody, "varney & company" is about to begin. get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement peopl who are paid on sary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. >> as we said, call it a cave. call it a shift. call it negotiating, no matter how you slice it, the republican position on taxes has changed. here is senator lindsey graham. >> when you're 16 trillion dollars in debt. the only pledge we should be be making to each other is to avoid the coming grief and republicans should put revenue on the table, we're far in debt and don't generate enough revenue, capping deductions will help revenue and raising tax rates will hurt job
's thanksgiving pallad. we will show share how it happened. >> steve: want to see where our economy is going. look back to 1937 and franklin roosevelt and stewart varney will explain how history could repeat himself as he enters studio e. good morning to you, stewart. ♪ ♪ ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant with thermacare heatwraps. thermacare works differently. it's the only wrap with patented heat cells that penetrate deep to relax, soothe, and unlock tight muscles. for up to 16 hours of relief, try thermacare. now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud to partner with health care professionals who understand the difference that quality time with our members can make... that's a very nice cake! ohh! [ giggles ] [ male announcer ] humana thanks the physicians, nurses, hospitals, pharmacists and other health professionals who helped us achieve the highest average star rating among national medicare companies... and become the first and only national medicare
of our economy. and i feel good about this, but it's not going to be cheap. we have to have reasons. there needs to be oversight so that money is not provided just frivolously, and i don't think anybody wants that. >> the numbers, though. you say it's not going to be cheap. is there a damage estimate, some estimation right now from the storm damage? >> i expect by friday or monday, tom, that we will have a bottom line figure. the governor's office is working on that right now, justifying each of the line items that would be in that proposal. so i'm very confident that we could do that either by 4:00, 5:00 friday afternoon or monday morning. i'm very confident we'll have a number to go by. i think it's going to be a lot more realistic number than you saw the governor of new york, who i have a great deal of respect for. but i didn't think that helped us in providing dollars for any of the tristate area that was affected by this storm. you need to plan this out, tow yao need to be very resolved, you need to be able to substantiate. you asked me a question before about the shore. we're
crucial part of the business as the u.s. economy tries to rebuild itself? >> it is an important part of the businnss. also challenged. you have to look at europe and what is going on, european travelers are not going to be traveling to the extent they have in the past but then you have brazil which is a growing and booming business in terms of traveling into new york and los angeles and florida certainly and the asian market. the fastest growing talk in terms of international stocks. i am hoping these international travelers will upset what is going on in europe today and overall similar -- this tour was unbelievable in terms of the international countries coming in this morning. i must have heard 50 different languages standing at the door in 18 minutes so clearly the international traveler at the square. cheryl: let me ask about the u.s. economy. a big discussion many ceos are telling us the fiscal cliff isn't passing uncertainty, makes them nervous. what will my tax rate look like next year? what will regulation look like? what will regulation look like? do you have the same conce
your old 401(k) into a fidelity ira and take control of your personal economy. this is going to be helpful. call or come in today. fidelity investments. turn here. >> quick head lines. toyota recalling sacomma because the spare tire can fall off. the plate used to hold the tire can rust or break after exposure to road salt. thousands of walmart workers getting ready for black friday walk out. some california workers started picketing today. the union backed workers want walmart from trying to deter them from speaking out for better pay and benefits. that ought to help the sanity of black friday. >> and why not go in the base pro tap. and that starts today. and jennifer and luke snider join us live this morning. they are newly wells. with black friday coming up. bass pro shop is over. they are camps out. nthey have santa wond are land. come out and get a free picture with santa. >> starting off with great deals you have here. my son would flip out and anything truck related or toy related. this is a four-f150 monster replica, right? >> i think i want one of these for myself. i
, reasons including challenges live dealing with hurricane sandy and the stuff economy and people looking to the pulpit for answers. >> now, granted jesus returns us to good. >> growing up. scott saw attending church more of a chore. and what religion experts say what young adults do, he put his parent's religion out of his life. >> and the typical age, 18, 19, 20 and students, both men and women were dissatisfied perhaps with the spiritual churches. >> what numbers did you come up with. >> years later scott came back. >> and i had what prayer relationship with god. it wasn't a church thing, but. >> and rubble life study. >> they man begin to come back for nostalgic reasons and there are individuals who say i like the way religion is. >> and some say it's a family, a tough patch. >> for me personally when things look down, i look up. >> you know, harris, there's been early things in organizations to coax workers back to the fold. a few catholic dioces run adults to keep reverts and rabbis, hebrew for a new generation. >> harris: how about that, thank you, dominic, good to see you. the rol
. the argument is the families will spend less and it will hurt the economy. >> you can see it across housing, and services, and things like paying for cell phone, groceries, durable goods, auto purchases. evidence like this is a reason why retailers are so concerned that congress has not yet extended the middle-class tax cuts. >>reporter: and carney noted the president spoke with harry reid and speaker boehner over the weekend. everyone is anticipating another high profile white house meet this week on the fiscal cliff sources in congress say there is you not one on the schedule so far. >>shepard: over the weekend some republicans are telling grover norquist to take a hike with the "we won't raise taxes" pledge. >>reporter: the fine tuning is they are saying we are okay with close loopholes but they don't want to raise tax rates. the republicans are saying the survey done by a group calls the winston group, a republican research firm, says 65 percent of americans back tax reform and spending cuts over the raising of taxes. here is the senate republican leader on what the g.o.p. is offering.
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